Singapore-based insurtech unicorn bolttech has announced raising $196 million in Series B funding at a valuation of $1.6 billion, anchored by Japanese insurance holding company Tokio Marine.
The latest funding round, which comes nearly two years after the startup closed its $247-million Series A, was also backed by new and existing investors, including MetLife Next Gen Ventures, a subsidiary of global life insurance giant MetLife, and Malaysia’s sovereign wealth fund Khazanah Nasional.
The company turned a unicorn after the Series A round in 2021.
Founded in 2020, bolttech operates an exchange that connects over 700 distribution partners with more than 230 insurance providers offering over 6,000 insurance products. The company has licences to operate throughout Asia, Europe, and 50 US states.
The insurtech unicorn will use the fresh proceeds to further invest in technology and hire more people across more than 30 markets. It will also explore inorganic opportunities to accelerate international growth.
Bolttech has been snapping up a series of insurance firms in the last two years, including Indonesian insurance broker Axle Asia (October 2022), Singaporean insurance intermediary AVA Insurance (February 2022)l and Europe’s i-surance (July 2021). According to bolttech, these firms were acquired for their local market expertise, domestic insurance licences, and business fundamentals.
